The combined ratio was 88.2% (H1 2012: 87.6%). Excluding run-off profits the combined ratio was 91.6% (H1 2012: 89.5%).
Premiums increased 0.8% in non-life insurance and 10.5% in life insurance
Profit on life insurance increased to DKK 238m (H1 2012: DKK 93m) primarily due to the transfer of DKK 118m from the shadow account (H1 2012: DKK 58m transfer to the shadow account)
The investment return declined to DKK 326m (H1 2012: DKK 581m).
Post-tax profit: DKK 279m (Q2 2012: DKK 285m)
EPS: DKK 2.3 (Q2 2012: DKK 2.2)
Combined ratio: 86.8% (Q2 2012: 84.9%)
Combined ratio excluding run-off profits: 89.3% (Q2 2012: 86.8%)
Growth in premiums: 0.8% in non-life insurance and 21.5% in life insurance
Profit on life insurance: DKK 29m (Q2 2012: DKK 41m)
Investment return: DKK 75m (Q2 2012: DKK 76m).
Profit forecast model for 2013
Topdanmark continues to assume premium growth of 1-2% for non-life insurance and a decline of 0-3% in regular premiums in life insurance
The assumed combined ratio for 2013 remains unchanged at 90-91%, excluding run-off results in H2 2013
The post-tax profit forecast model for 2013 has been upgraded from DKK 1,200-1,300m to DKK 1,250-1,350m, excluding run-off results in H2 2013
In the profit forecast model for 2013 a net amount of DKK 150-160m has been transferred from the shadow account. Subsequently the shadow account balance will be DKK 85m at 31 December 2013.
The share buy-back programme for 2013 has been increased by DKK 50m to DKK 2,200m representing a buy-back yield of 12.1%
Topdanmark has bought back own shares of DKK 1,105m which leaves a balance of DKK 1,095m of the 2013 programme.
In a webcast today Topdanmark's CEO, Christian Sagild, will present the financial highlights and comment on the forecast.
A conference call will be held today at 15:30 (CET) when Christian Sagild, CEO, and Lars Thykier, CFO, will be available for questions based on the H1 report and the webcast. The call will be conducted in English.
In order to participate in the conference call, please phone:
UK dial in number: +44 (0)20 7162 0125
US dial in number: +1 866 779 1135
quoting reference 935433
10-15 minutes before the conference asking the operator to connect you to the Topdanmark conference call – or listen to the live transmission of the call.
Please direct any queries to:
Chief Executive Officer
Direct tel.: +45 4474 4450
Chief Financial Officer
Direct tel.: +45 4474 3714
Group Communications and IR Director
Direct tel.: +45 4474 4017, mobile: +45 4025 3524
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